Argentina Sells Bonds in Local Market

Government plans to use money for infrastructure

BUENOS AIRES—Argentina sold about $1.4 billion in U.S. dollar-denominated bonds to local banks and institutional investors on Tuesday, showing that it can raise money at home even as it remains shut out of global credit markets.

But the sale came at a steep cost, with Argentina paying an interest rate of almost 9% annually on the 10-year bonds, the Economy Ministry said.